Wednesday, January 18, 2012

Yahoo co-founder Jerry Yang announced on Tuesday that he is stepping down from his position on the Yahoo! Board of Directors, as well as his other positions on the boards of Yahoo Japan Corporation and Alibaba Group Holding Limited.

About the future CEO, Yang said:

I am enthusiastic about the appointment of PayPal's Scott Thompson as Chief Executive Officer and his ability, along with the entire Yahoo! leadership team, to guide Yahoo! into an exciting and successful future.

Yang and David Filo founded the company in 1995. Yang has sat on the Yahoo board since March 1995 and served as CEO from June 2007 to January 2009, according to the press release.